ARLINGTON, Va.—Total consumer credit rose 6.8% in July (seasonally-adjusted, annualized) and is up 5.2% versus a year ago. Despite a slowdown since the start of 2019, NAFCU Chief Economist and Vice President of Research Curt Long said consumer credit remains up.
Fresh Today
WASHINGTON—The House Financial Services Committee is being urged to support legislation that would provide the NCUA board the flexibility to increase federal credit union loan maturity limits, while separately the lower chamber also passed two bills related to appraisals and diversity, respectively.
TALLIN, Estonia.—Representatives of the Virginia Credit Union League and CULedger said they have found the future in a small Eastern European country tucked between Russia and the Baltic Sea.
SLEEPY EYE, Minn. — SouthPoint Financial Credit Union has announced the retirement of its CEO and the appointment of a successor.
LITTLE ROCK, Ark.–Tennessee-based Orion FCU is continuing its expansion in Arkansas.
MANCHESTER, U.K.–The Co-operative College here has entered into a strategic collaboration with the International Credit Union Leadership Development & Education Foundation around a series of initiatives.
ALBANY, N.Y.–The New York Department of Financial Services has approved a gold-backed cryptocurrency to begin operating. The startup behind the initiative is also offering loans.
MARSHFIELD, Mass.–Credit unions considering a rebranding or just a refocusing of their marketing efforts might want to look to the example set by one document shredding company here. DataSafe Information Security here is changing its name to Destruction.com.
FREEPORT, Grand Bahama–A credit union on this hurricane-devastated island has reopened its office–albeit with limited hours–and is working to service members.
WASHINGTON–NCUA Chairman Rodney Hood said the agency’s general counsel has determined the NCUA board has the authority to phase-in the effects of FASB’s current expected credit losses accounting standard, or CECL, on credit union net worth ratios.